The Ontario Chamber of Commerce has urged the federal government to establish transparent criteria in determining the host city for the multilateral Defence, Security and Resilience Bank’s headquarters in Canada.
The news that Canada had been chosen to host the DSRB headquarters was first reported last month. The bank concentrates on funding defence, security and resilience projects for NATO members and allied nations. It would aid small- and medium-sized enterprises and member governments with filling financial gaps through funding defence, security, and resilience initiatives across supply chains.
According to national defence minister David McGuinty, the initiative accelerates investments, boosts critical capacity, and backs a resilient and responsive defence industrial base.
Toronto, which the OCC described as the second-biggest financial center in North America, is presently a frontrunner. The city is being supported by the provincial government and a coalition of business, financial, manufacturing, and academic leaders.
The OCC encouraged the establishment of a publicly disclosed selection framework that applies objective criteria. It said that transparency and speed were essential given geopolitical volatility, with partnered nations quickly investing in defence and economic resilience.
OCC president and chief executive officer Daniel Tisch called for a “fair, transparent and merit-based selection process” that displayed Canadian values as cities present their bids to host the DSRB.
“In establishing the criteria, there are obvious priorities. The host city needs the financial depth, global talent, economic base, innovation ecosystem and connectivity to the country and the world. That will help the bank attract capital, scale quickly, and deliver results from day one,” Tisch said in a statement.
He explained that the final choice would be “more easily and widely accepted” coming from a clearly presented process. The OCC also asked the government to set clear timelines.
Toronto’s internationally linked ecosystem includes financial institutions, pension funds, advanced manufacturers, research institutions, and globally linked talent. Other cities bidding to host the DSRB headquarters are Montreal, Ottawa, and Vancouver.